When a child prepares to head off the college, whether it’s for the first time or for senior year, there are countless things to think about. Factors such as living situations, whether or not to let your child take the car, and health insurance may already be figured out, but are you certain your child and his or her belongings are protected?
When thinking about insurance for students, there are two main areas of focus: contents protection and auto insurance.
Check out our Infographic to find out what you need to do before your child heads off to college!
The average college student owns 6.9 tech devices and many use these devices for research and note-taking. If something happens to these devices, along with your child’s clothes and other belongings, you want to make sure your insurance covers the replacement. Below are some considerations before you move your child in for the school year.
• If the student is living in a dorm, other on-campus housing or an off-campus apartment, contents are covered under the parents' State Auto homeowner insurance policy because the child’s permanent residence is still considered the family address. Not all insurance companies handle off-campus housing the same, so check with your agent if you don't have a State Auto policy.
• Some insurance companies limit the amount of content coverage to 10% for students away at school. For example, if contents coverage on the homeowner’s insurance is $80,000, then $8,000 worth of contents will be covered at school. However, State Auto does not impose that restriction. Your independent State Auto agent can give you more information about the coverage that State Auto offers.
• Consider scheduling high-priced items like laptops, iPads, expensive jewelry, etc. on the homeowner’s policy
For many freshmen, taking the car to school is not an option. However, many upperclassmen choose to bring the car for convenient transportation. Regardless of if the car is going to college or staying in the driveway, there are actions to take.
• Whether students take the car to college or not, it is still on the family car insurance if you, as parents, are still on the title. The student should remain as a listed driver on your policy even if he or she doesn’t take the car to college
• If your child is not taking the car to school and the school is more than 100 miles away, you may be eligible for a reduced rate with the Distant Student Discount.
• If your child is taking the car to school, inform your agent about the new garaging location. This new location could affect your premium.
• If your child is taking the car to college, discourage him or her from letting others drive the car. If an accident happens and someone else is driving the car, you may still be held responsible.
Sources: The Insurance Information Institute (III)
2013 College Explorer Study conducted by re:fuel